Algorand has surged by 12. 52% over the past day after a weekly decline. Algo’s bullish crossover confirms a potential trend reversal.
- ALGO has surged by 12.52% over the past 24 hours.
- Algorand’s bullish crossover amidst surging while activity signals a potential sustained uptrend.
Over the past month, Algorand [ALGO] has surged on its price charts, gaining 186%.
However, on weekly charts, the altcoin experienced a market correction, hitting a low of $0.35. Consequently, the altcoin has declined by 4.26% on weekly charts after this pullback.
Moreover, the last 24 hours have seen a significant recovery, signaling a trend reversal. As of this writing, Algorand was trading at $0.46, marking a 12.52% increase over the past day.
The recent market conditions raise questions about whether Algorand is on the verge of a trend reversal.
Source: TradingView
This upward momentum and bullishness are now confirmed by a bullish crossover. As such, ALGO has made a crossover on Stoch RSI after declining over the past ten days.
This crossover signals that buyers are entering the market with sellers losing momentum. Therefore, the downward momentum is dwindling.
